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National Fuel Gas Executive Compensation (FY25)

NFG · Executive and director compensation, fiscal 2025 only

The paid brief on National Fuel Gas

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $1,200 for the board report; $2,400 for both.
Data as of September 20, 2026Latest filing (8-K): March 13, 2026
11 filings cited on this page
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
National Fuel Gas brief$1,500Get the executive brief
286 figures on this page: 276 cited to the filing that reported them, 10 calculated from figures it prints. See the citations
Chief executive, fiscal 2025
◇
David Bauer
Median of the other named officers
$2,273,182
6 officers, excluding the chief executive
Latest say-on-pay support
=
March 12, 2026
Chief executive pay ratio
◇
To the median employee

More on National Fuel Gas

Five data products on this company. Each one is requested through the developer setup page.

Frequently asked questions

Answers drawn from the data on this page.
Who is National Fuel Gas' chief executive and what were they paid?
David Bauer, President and Chief Executive Officer, received $9,119,455 in total compensation for fiscal 2025.
What was National Fuel Gas' say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 97.3% of votes cast including abstentions in favor at the meeting held March 12, 2026.
Which companies are in National Fuel Gas' peer group?
The disclosed peer group names Antero Midstream Corporation, Atmos Energy Corporation, CNX Resources Corporation, Coterra Energy Inc. and DT Midstream Inc., among others.
What is National Fuel Gas' chief executive pay ratio?
The company reported a chief executive pay ratio of 98:1 for fiscal 2025, against median employee compensation of $93,115.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Bauer
President and Chief Executive Officer
◇◇◇—◇◇◇◇
Justin Loweth
President of Seneca Resources Company, LLC
◇◇◇—◇—◇◇
Ronald Kraemer
Former Chief Operating Officer
Departed during or after this year
◇—◇—◇◇◇◇
Donna DeCarolis
Former President of National Fuel Gas Distribution Corporation
Departed during or after this year
◇—◇—◇◇◇◇
Joseph Del Vecchio
President of National Fuel Gas Supply Corporation
◇◇◇◇◇◇◇◇
Timothy Silverstein
Treasurer and Chief Financial Officer
◇◇◇◇◇—◇◇
Martin Krebs
Chief Information Officer
◇◇◇—◇◇◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
David P. BauerRSU———◇——◇
Donna L. DeCarolisPSU—◇◇—◇—◇
Joseph N. Del VecchioRSU———◇——◇
Justin I. LowethRSU———◇——◇
Martin A. KrebsRSU———◇——◇
Ronald C. KraemerPSU—◇◇—◇—◇
Timothy J. SilversteinRSU———◇——◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Justin LowethRSU◇◇——
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Martin KrebsRSU◇◇——
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Timothy SilversteinRSU◇◇——
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Donna DeCarolisRSU◇◇——
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Ronald KraemerRSU◇◇——
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David BauerRSU◇◇——
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A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David F. Smith
Board chair
◇◇———◇◇
Jeffrey W. Shaw
Lead independent director
◇◇———◇◇
Joseph N. Jaggers
◇◇———◇◇
Rebecca Ranich
◇◇———◇◇
David H. Anderson
◇◇———◇◇
David C. Carroll
◇◇———◇◇
Barbara M. Baumann
◇◇———◇◇
Ronald J. Tanski
◇◇———◇◇
Thomas E. Skains
◇◇———◇◇
Steven C. Finch
◇◇———◇◇
David P. Bauer served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Lead independent director premium◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇
Equity is delivered as Common Stock.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Antero Midstream Corporation AM
  • Atmos Energy Corporation ATO
  • CNX Resources Corporation CNX
  • Coterra Energy Inc. CTRA
  • DT Midstream Inc. DTM
  • EQT Corporation EQT
  • Gulfport Energy Corporation GPOR
  • MDU Resources Group, Inc. MDU
  • New Jersey Resources Corporation NJR
  • ONE Gas, Inc. OGS
  • Range Resources Corporation RRC
  • Southwest Gas Holdings, Inc. SWX
  • Spire Inc. SR
  • UGI Corporation UGI

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025March 12, 2026=◇◇◇
2024March 13, 2025=◇◇◇
2023March 8, 2024=◇◇◇
2022March 9, 2023=◇◇◇
2021March 10, 2022=◇◇◇
2020March 11, 2021=◇◇◇
2019March 11, 2020=◇◇◇
2018March 7, 2019=◇◇◇
2017March 8, 2018=◇◇◇
2016March 9, 2017=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact National Fuel Gas disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where National Fuel Gas sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
286 figures on this page: 276 cited to the filing that reported them, 10 calculated from figures it prints.
276 cited to the filing
10 calculated from the filing

Documents cited

  1. 0001193125-26-106081
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001193125-26-020739
    CEO Pay Ratio · Director Compensation · Fiscal 2025 Summary Compensation Table · Grants of Plan-Based Awards in Fiscal 2025 · and 1 more section
  3. 0001193125-25-055608
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001193125-24-064998
    Item 5.07 Submission of Matters to a Vote of Security Holders
  5. 0001193125-23-066129
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001193125-22-076018
  7. 0001193125-21-082784
  8. 0001193125-20-074445
  9. 0001193125-19-070933
  10. 0001193125-18-080830
  11. 0001193125-17-083668
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “National Fuel Gas executive compensation, FY2025.” https://intel.velarion.ai/comp/NFG (accessed 2026).
Short form: data: Velarion

The paid brief for National Fuel Gas

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $1,200 for the board report; $2,400 for both.
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11 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Peers National Fuel Gas discloses

The companies named in NFG's own disclosed peer group.

Atmos Energy CorporationCNX Resources CorporationCoterra Energy Inc.DT Midstream Inc.EQT CorporationGulfport Energy CorporationMDU Resources Group, Inc.New Jersey Resources CorporationONE Gas, Inc.Range Resources CorporationSouthwest Gas Holdings, Inc.Spire Inc.UGI Corporation

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

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Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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